PAM MFSP Weekly Update – 22 May 2026
2026/5/22 Weekly Update
Performance Overview
As of 22 May 2026, MFSP A and B posted weekly performances of 1.24% and 1.24%, respectively. Month-to-date returns stood at 3.80% and 3.64%, while year-to-date returns 23.25% and 22.27%.
Sector Analysis and Attribution
Foreign Exchange: Currency positions delivered robust performance and served as a crucial pillar of positive attribution for the portfolio this week. A short position in the Japanese yen/usd led the sector. Long positions in Usd/korean won and Usd/indonesian rupiah fwd also exhibited strong momentum, while a long position in Swiss/yen imm also brought positive return to our fund.
Agriculturals: The agricultural sector suffered severe downward pressure, representing the primary detractor from this week's performance. The livestock complex took a heavy hit, with long positions in Live cattle and Feeder cattle recording steep losses, respectively. A short position in Soybean meal also hampered performance. Other notable detractors included short positions in London cocoa and Cocoa, alongside long positions in Lean hogs and Sugar no. 11.
Fixed Income: The interest rates sector exhibited divergent results. Asia-Pacific sovereign debt generated significant returns, driven primarily by a highly effective short position in the Japanese 10-yr gvt. bond for the portfolio. Conversely, North American fixed-income exposure faced headwinds; a long position in the Us 10-yr t-note and a short position in the Us 5-yr t-note detracted respectively.
Metals: The metals sector as a whole provided stable structural support to the portfolio. A short position in Palladium generated a profit. On the long side, positions in High grade copper, Tin, and Aluminium all posted steady gains. These were mildly offset by a long position in Tsi iron ore cfr china futures, which acted as a minor drag.
Energy: The energy sector maintained positive traction, benefiting substantially from a short position in Henry hub natural gas.
Equities: Within the equities sector, stocks in tech and AI sector delivered strong return of the week, especially in Taiwan stock market.
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